Bank of America Corporation Stock Forecast
Bank of America Corporation stock downgraded to Buy Candidate
(Updated on Jun 25, 2024)
The Bank of America Corporation stock price fell by -1.04% on the last day (Tuesday, 25th Jun 2024) from 37.47€ to 37.08€. During the last trading day the stock fluctuated 1.28% from a day low at 36.98€ to a day high of 37.45€. The price has been going up and down for this period, and there has been a 2.54% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -10 thousand shares and in total, 3 thousand shares were bought and sold for approximately 101.45€ thousand.
The stock lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at 37.52€ will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 9.63% during the next 3 months and, with a 90% probability hold a price between 38.60€ and 41.14€ at the end of this 3-month period.
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NCB.F Signals & Forecast
The Bank of America Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at 37.02€ and 36.37€. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, June 24, 2024, and so far it has fallen -1.04%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Bank of America Corporation stock
Bank of America Corporation finds support from accumulated volume at 36.75€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved 0.475€ between high and low, or 1.28%. For the last week the stock has had daily average volatility of 1.52%
Our recommended stop-loss: 35.49€ (-4.29%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 38 days ago.)
Trading Expectations (NCB.F) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Bank of America Corporation to open at 37.17€, and during the day (based on 14 day Average True Range), to move between 36.47€ and 37.69€, which gives a possible trading interval of +/-0.611€ (+/-1.65%) up or down from last closing price. If Bank of America Corporation takes out the full calculated possible swing range there will be an estimated 3.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 37.09€ (0.01%) than the support at 36.75€ (0.90%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Bank of America Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Bank of America Corporation stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 3.154 Buy Candidate Downgraded
Predicted Opening Price for Bank of America Corporation of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| 37.17€ ( 0.238%) | 37.08€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NCB.F
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 37.64 | 1.52% |
| R2 | 37.46 | 1.03% |
| R1 | 37.35 | 0.728% |
| Price | 37.08 | |
| S1 | 36.99 | -0.251% |
| S2 | 36.87 | -0.553% |
| S3 | 36.69 | -1.04% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 37.47 | 1.05% |
| R2 | 37.29 | 0.566% |
| R1 | 37.09 | 0.0135% |
| Price | 37.08 | |
| S1 | 36.75 | -0.90% |
| S2 | 33.50 | -9.65% |
| S3 | 32.61 | -12.07% |
NCB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 07, 2024 | Jun 07, 2024 | Jun 28, 2024 | 0.224€ | 0% |
| 2 | Feb 29, 2024 | Feb 29, 2024 | Mar 29, 2024 | 0.221€ | 0% |
| 3 | Nov 30, 2023 | Nov 30, 2023 | Dec 29, 2023 | 0.240€ | 0% |
| 4 | Aug 31, 2023 | Aug 31, 2023 | Aug 31, 2023 | 0.240€ | 0% |
| 5 | Jun 01, 2023 | Jun 01, 2023 | Jun 01, 2023 | 0.220€ | 0% |
FAQ
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